Haitong Securities revises merger report with Guotai Junan

Haitong Securities (SSE: 600837) has released a revised draft of its report concerning the planned merger with Guotai Junan Securities. The revision follows a review by the Shanghai Stock Exchange, which issued a query letter on December 26, 2024, requesting clarification on several aspects of the proposed merger. Key updates include details on the transfer of debt obligations, clarification on risks related to earnings per share dilution, and additional information about potential financial asset impairment losses. The merger involves Guotai Junan acquiring Haitong through a share swap, issuing both A and H shares to Haitong's respective shareholders. Concurrently, Guotai Junan plans to raise additional funds. The revised draft report is available on the Shanghai Stock Exchange website. The original filing was submitted on December 24, 2024.